Stock market today: On Wednesday, 108 stocks hit their 52-week high, including APL Apollo Tubes Ltd, Bharti Hexacom Ltd, GlaxoSmithKline Pharmaceuticals Ltd, SBI Cards and Payment Services Ltd, and Solar Industries India Ltd.
In contrast, 47 stocks touched 52-week lows, with notable mentions like Aditya Birla Fashion and Retail Ltd, Capri Global Capital Ltd, Jai Balaji Industries Ltd, Sheela Foam Ltd, Lasa Supergenerics Ltd, and Wendt (India) Ltd.
Indian stocks climbed on Wednesday, breaking a three-day decline amid hopes for advancements in US-China trade talks and a projected interest rate reduction by the Reserve Bank of India later this week.
The Nifty 50 increased by 0.32% to reach 24,620.2, while the Sensex gained 0.32% to hit 80,998.25.
Vinod Nair, the Head of Research at Geojit Investments, remarked that the domestic market operated within a tight range while maintaining a slightly positive stance, buoyed by favourable global indicators like robust US employment data and indications of thawing US-China trade relations.
Mid-cap and small-cap stocks showed stronger performance, bolstered by earnings growth that exceeded expectations and a decrease in valuations. Investors are currently paying attention to the RBI policy meeting that begins today, anticipating a rate cut and seeking clarity on future growth and inflation projections.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 continues to exhibit a lackluster sentiment as traders await the RBI rate decision. The market is likely to remain sideways for another session until the announcement and follow-up commentary on Friday. A bearish crossover in the momentum oscillator RSI signals weakening price momentum, suggesting limited movement in the near term. Immediate support is placed at 24,500; a break below this level could lead to further weakness. On the higher side, resistance is seen at 24,750/24,900.
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